By Malvika Gurung
Investing.com -- The country’s largest insurance company Life Insurance Corporation (NS: LIFI ) of India has continued to maintain its top position in the life insurance market, commanding a lion's share of 68.6% in the industry.
According to data released by the regulatory body Insurance Regulatory and Development Authority of India on Tuesday, LIC’s market share has jumped from 65.42% in June 2022 to 68.57% in July, which stood at 65.11% in July 2021.
The government-owned insurance behemoth’s new business premium income soared 142% YoY to Rs 29,116.68 crore in July 2022, far outperforming other insurance companies in the country.
There are 24 insurance companies in India, and cumulatively, their new business premium income recorded a whopping 91% jump to Rs 39,078.9 crore in July. However, excluding LIC, the combined figure of 23 insurers grew 19% to Rs 9,962.2 in the month.
The first year premium of all the insurers surged 54% YoY to Rs 1.12 lakh crore in Q1 FY23, and for LIC, the cumulative new premium surged over 62% to Rs 77,317.7 crore from Apr-Jul 2022.
The market shares of other insurers like SBI Life Insurance (NS: SBIL ), HDFC Life Insurance (NS: HDFL ) and ICICI Prudential (LON: PRU ) Life Insurance (NS: ICIR ), dipped in July, to 7.02%, 6.01% and 4.02%, respectively.
Individual weighted received premium (WRP) of all the listed insurers weakened in July 2022, with Max Life Insurance leading the downtick, posting a decline of 8.7%, while ICICI Prudential Life posted a dip of 5.6% YoY.
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